NORTHAMPTON TOWNSHIP >> A Northampton Township-based business will benefit from a low-interest loan announced by Governor Tom Wolf on Jan. 6.
Martelli Realty, LLC, through the Bucks County Economic Development Corporation, has been approved for a 10-year, $522,000 loan at a 1.75 percent fixed rate to acquire a 15,128-square-foot industrial building situated on two acres at the Northampton Township Business and Technology Center on Jacksonville Road.
The building, located adjacent to the company’s current facility, will allow for the expansion of The Martelli Companies, a group of related entities, into both facilities.
The Martelli Companies are an equipment moving and transportation provider.
Doyle Machine Tool, Inc., a Martelli Company, is expected to occupy approximately 75 percent of the space with the remaining 25 percent occupied by other various Martelli Companies due to its proximity to their current facility and the shared resources of the companies.
Given this unique relationship between companies, all entities of The Martelli Companies will commit to retaining their current 40 full-time employees over three years. The total project cost of $1,160,000.
The low-interest loans, available through the Pennsylvania Industrial Development Authority, are designed to help companies improve their operations, expand their facilities and retain jobs.
“Despite navigating the challenges of the past year, Pennsylvania has remained committed to investing in companies that make a real difference in their local communities, creating and retaining jobs and providing critical goods and services,” said Gov. Wolf. “The projects approved today will position these companies for long-term success, and will help Bucks, Lancaster, and Lebanon counties enhance their economic vitality and the strength of their communities.”
For the year ending 2020, PIDA has approved $44,502,915 in low-interest loans that have resulted in $78,095,857 in private investment and supported 1,434 created and retained full-time jobs.